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Jack Harper wrote:
> Beware of order entry systems that use your web browser for an
> interface. Yes . . . they look better and SEEM to provide "canned"
> orders for fast execution, but they are limited by your browser's ability
> to switch between screens and reload and are slower than LEO.
Agreed. I wouldn't use a browser-based system for exactly that
reason.
> > (E.g. there is one page of "orders" -- ALL orders,
> I don't know what version of LEO that you saw, but believe that this is
> not the case now.
It was when I downloaded the current demo last month. There were
almost no changes (other than order parking) between that version and
the one I used last fall.
> If you have traded for long, you should have no problem knowing
> what your position is, regardless of what system you are using.
In theory, yes. I'd just like to have some confirmation for those
times when things get fast and furious. Machines are good at keeping
track of details like that. Why not have the system help you?
> The only system that I know of with consistent fast fill
> confirmations is Timberhill. ...
> All of these systems have the same backup system . . .
> The only exception to this is the Timberhill system.
> IMHO the Timberhill system is by far the best. Fills are always reported
> back in seconds and theirs is the only one that is not dependent on
> CUBS. The interface is slicker, faster, and made for trading. The other
> systems are all just built on the same shaky foundation . . . TOPS and
> CUBS.
I've drooled over Timberhill since I first talked to them last
September. At that time they required a $2M net worth and 200 RT's
per month. Last I heard they had dropped the requirements to $50k in
your account and 200 RT's/mo. But I just looked at their website at
http://www.interactivebrokers.com and it looks like they've opened
the floodgates for retail clients. The only requirements seem to be
sufficient margin in your account -- you can trade the E-mini with as
little as $5000.
And the kicker is the commissions: FOUR DOLLARS (per RT, I think),
with a minimum of $9.95 per order. That says you could trade the
mini for as little as $10/RT for 1-2 contracts, $12/RT for 3. And
that's with a direct connection from Timberhill to Globex, so you get
full live bid/ask info, instant execution & fills, etc.
With rates like that, the mini becomes a very viable daytrading
vehicle. I have a request for more info in to IB, but has anyone
been using their system for E-mini trading? Over the last 9 months
I've heard pros and cons about it, but it sure looks like the best
solution out there right now.
Gary
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